RES 85119 - Laserfiche WebLink

allowance for bond discount and reserve), by check drawn on the improvement fund for Assessment District No. 1985-1, Chabot Drive Extension, East Amador Relief Sewer and Santa Rita Road within one day after the sale and delivery of improvement bonds of the assessment district. The net amount of the reimbursement shall be $11,850,109.00. The difference between this net amount and the development costs set forth in paragraph 2 represents payment in full or in part of the assessments on Assessment Parcel Nos. 1A, 5A, 12A, 1BE, 18F and 23. 4. CONVEYANCE OF TITLE. Title to the Improvements shall vest in the City upon reimbursement of the Development Costs as set forth in paragraph 2 and formal acceptance of the dedication of the Improvements by resolution of the City Council of the City. 5. CONDITIONS PRECEDENT TO TRANSFER. The transfer and acceptance of the Improvements and reimbursement of Development Costs is conditional on the completion of special assessment proceedings undertaken by the City as Assessment District No. 1985-1, Chabot Drive Extension, East Amador Relief Sewer and Santa Rita Road and the sale and delivery of improvement bonds issued by the City pursuant to the Improvement Bond Act of 1915 in the principal amount of $13,479,102.00. The Developer acknowledges that the completion of assessment proceedings is in the discretion of the City Council of the City and is subject to a public hearing process, and that this agreement in no way shall affect or limit the discretion granted by law to the City Council of the City in matters of special assessments. In the event that this condition shall not have been met before July 1, 1985, this agreement shall be void.